Colombia’s central bank should stop its program of daily dollar purchases at the end of this month as the peso weakens toward a level the Andean nation “can live with,” President Juan Manuel Santos said.

Growing bets Colombia will miss its inflation target for the first time since 2008 are a signal to Citigroup Inc. and Corp. Financiera Colombiana SA that traders are overestimating how much floods will push up food prices.

Colombia’s peso bonds dropped, pushing yields to their highest level this month, on speculation the government may issue more local debt to finance increased spending after higher-than-average rainfall left thousands homeless and destroyed roads in the South American country.